June 11, 2015
Once people achieve financial security, they face an array of choices about how to best use their wealth, preserve it and pass it on. To make these decisions less complex, it’s helpful to think of allocating these financial goals in three categories: lifestyle, family and impact.
Lifestyle goals — relating to how you want to live and fund your daily life — form the foundation for well-being. Family goals may include paying for a wedding or establishing college funds for a grandchild, while impact covers philanthropic ambitions. If you have a vision for your wealth that considers opportunities and challenges at every stage of life, you may achieve unique aspirations in all of these areas.
20s and 30s: Establish Your Priorities
First, explore what’s most important to you and your family. At The Private Client Reserve, we take a unique approach to planning. We find out what values are most important to you, and this often makes it easier to clarify your financial objectives.
“Our process helps clients create a road map with their advisors,” says Bob Webster, National Director of Wealth Planning for The Private Client Reserve. “The discussion of values provides a great entry into discussing and establishing financial and personal goals.”
In this life stage, executives and professionals such as doctors and lawyers may be eager to upgrade their lifestyles. But they may still have substantial student loans and other debt.